Senator Schmitt Questions Witnesses on the State of the Economy and Debt Ceiling in First Joint Economic Committee

WASHINGTON – Today, Senator Eric Schmitt questioned witnesses in a Joint Economic Committee hearing titled: How a US Default Crisis Harms American Families and Businesses:

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Background:

• America’s debt is over $31 trillion. The CBO projects interest payments will cost our country $640 billion in this fiscal year. Next year, the interest payments will rise to $739 billion. In 2033, we will pay $1.4 trillion. Over the next decade, we will pay nearly $10.5 trillion.
• This debt and runaway spending also has a cost on individual Missourians. More debt can potentially result in higher inflation.
  • Inflation is at 5 percent, and there are no signs that it will lower significantly. That means it will cost more to buy food, clothes, and gas.
• The Biden Administration is spending at a record level. Earlier this year, the Administration unveiled a $7 trillion budget, hiking taxes on small businesses and individual Americans.
  • The new rules and regulations this administration has implemented has cost our economy $360 billion.

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